TTGV is established in 1991 in accordance with the international loan agreement signed between Turkish Republic and the World Bank. The founders of TTGV consists of public institutions, private sector firms, umbrella organizations and individuals.
In 1995, Turkey accepted World Trade Organization International Free Trade Rules and also was included EU Customs Union, both of which re-defined the national and international competition terms of Turkey's private sector. The effects of strong competitive pressure arising from far-east and south-east Asia is felt in Turkey, similar to the rest of the world. On the contrary, EU Acquis about competition and public funds limit new public supports for private sector. During this process, TTGV has been a key actor for transferring public R&D support to the private sector companies with the proper mechanism. With two projects financed by the World Bank, TTGV played an important role in developing and applying new support mechanisms to strengthen the private sector's research, technology development and innovation capabilities. TTGV also contributed to the establishment of two venture capital firms - İşGirişim and TURKVEN - in the context of the World Bank Project. TTGV's involvement in these establishments created a trust for the private sector and made them direct their investments to these funds, which is more than 10 times the government's investment.
With Technology Development Project, which is operational since 1991, TTGV provided USD 170 Million to 480 projects, creating an R&D volume of approximately USD 340 Million. Further than the financial support, the project inputs that the field specialists provided during project monitoring and evaluation process became an important resource for the companies that do not have or trying to develop a corporate R&D practice.
It is observed that international rules and limitations about environment have a detrimental effect on our private sector and on our exports. To avoid this, TTGV provided private sector companies with approximately USD 26 Million grant obtained from Montreal Fund. The funding mechanism that TTGV devised for this grant was awarded as "The Best International Practice" by the World Bank. When it is considered that many countries do not have a proper mechanism thus cannot allocate these grants; TTGV's role is better perceived.
In order to create a synergy among universities, human resources and knowledge base, TTGV also financed two technoparks -one in Bilkent University and other in İstanbul Technical University. After successfully completion of both technoparks, today approximately 220 firms with 2000 employees are provided with modern workplaces.